What is Spark (SPK)

Learned by 4.9k usersPublished on 2025.06.17Last updated on 2025.06.23

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I. Project Introduction

1. What Is Spark?
Spark Protocol is a decentralized lending market launched by Sky (formerly MakerDAO), incorporating direct lending functionality within Sky. Through Spark, users can borrow DAI by collateralizing assets such as ETH, stETH, and DAI.

2. How Does Spark Work?
Spark is designed to solve structural problems in DeFi: fragmented liquidity, unstable yields, and idle stablecoin capital left underutilized across chains and protocols. Spark operates as a two-sided capital allocator: On the ecosystem side, it borrows from Sky's $6.5B+ stablecoin reserves and deploys capital across DeFi, CeFi, and RWAs. This provides deep, consistent liquidity while earning risk-adjusted yield at scale. Spark consists of three main product categories:
- Savings: Users can deposit stablecoins into savings and receive Savings USDS (sUSDS) tokens in return. The sUSDS tokens represent users' share of USDS in the Sky Savings Rate. As savings accrue, sUSDS increases in value over time.
- SparkLend: SparkLend is a decentralized non-custodial liquidity market protocol centered on USDS and DAI, where users can participate as lenders or borrowers. Lenders provide liquidity to the market to earn a passive income, as their assets are lent out, while borrowers are able to borrow in an overcollateralized fashion.
- Spark Liquidity Layer: The Spark Liquidity Layer automates liquidity provision of USDS, sUSDS, and USDC directly from Sky across various blockchain networks and DeFi protocols.

3. Who Founded Spark?
Sam MacPherson, CEO, co-founder of Phoenix Labs and Toobit, and MakerDAO engineer. X: @hexonaut (10.2k followers), LinkedIn: https://www.linkedin.com/in/sam-macpherson-2b1a74267/.
Lucas Manue, core contributor and smart contract tech lead at Maple Finance. X: @lucasmanuel_eth.
Nadia, co-founder of Phoenix Labs and core contributor to Spark. X: nad8802.

4. Spark Tokenomics
Sky Farming (Users): 65%, distributed through a 10-year SPK farming campaign;
Ecosystem: 23%, 17% of the tokens available at TGE, 6% available after one year;
Team: 12%, 12-month 25% cliff, then 3-year vesting of remaining 75%.

5. Timeline of Key Milestones
In February 2023, the MakerDAO forum announced the establishment of Phoenix Labs and the development of Spark Protocol.
In May 2023, MakerDAO officially launched Spark Protocol.
In June 2025, the Spark token (SPK) was listed for trading.

II. Token Information

1) Basic Information
Token name:Spark(SPK)

III. Related Links

Website: https://spark.fi/
Explorers: https://etherscan.io/address/0xc20059e0317DE91738d13af027DfC4a50781b066
Social Media: https://twitter.com/sparkdotfi

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. HTX does not take responsibility for any resulting direct or indirect losses.

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How to Buy SPK

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2.9k Total ViewsPublished 2025.06.17Updated 2025.06.23

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